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Franchise or revocation for default thereof, provided City has not notified Grantee of any <br />actual or potential damages incurred as a result of Grantee's operations pursuant to the <br />Franchise or as a result of said default. <br />e. The rights reserved to City with respect to the performance bond are in <br />addition to all other rights of City whether reserved by this Franchise or authorized by law, <br />and no action, proceeding or exercise of a right with respect to the performance bond shall <br />affect any other right City may have. <br />2. Letter of Credit and Liquidated Damages. <br />a, At the time of acceptance of this Franchise, Grantee shall deliver to City an <br />irrevocable and unconditional Letter of Credit, in form and substance acceptable to City, <br />from a National or State bank approved by City, in the amount of $25,000.00. <br />b. The Letter of Credit shall provide that funds will be paid to City, upon <br />written demand of City, and in an amount solely determined by City in payment for <br />penalties charged pursuant to this Section, in payment for any monies owed by Grantee to <br />City or any person pursuant to its obligations under this Franchise, or in payment for any <br />damage incurred by City or any person as a result of any acts or omissions by Grantee <br />pursuant to this Franchise. <br />C, In addition to recovery of any monies owed by Grantee to City or any person <br />or damages to City or any person as a result of any acts or omissions by Grantee pursuant <br />to the Franchise, City in its sole discretion may charge to and collect from the Letter of <br />Credit the following penalties: <br />i. For failure to provide data, documents, reports or information or to <br />cooperate with City during an application process or system review or as <br />otherwise provided herein, the penalty shall be $250.00 per day for each <br />day, or part thereof, such failure occurs or continues. <br />ii. Fifteen (15) days following notice from City of a failure of Grantee to <br />comply with construction, operation or maintenance standards, the penalty <br />shall be $500.00 per day for each day, or part thereof, such failure occurs or <br />continues. <br />iii. For failure to provide the services Grantee has proposed, including, but not <br />limited to, the implementation and the utilization of the access channels and <br />the maintenance and/or replacement of the equipment and other facilities, <br />the penalty shall be $500.00 per day for each day, or part thereof, such <br />failure occurs or continues. <br />iv. For Grantee's breach of any written contract or agreement with or to the <br />City or its designee, the penalty shall be $500.00 per day for each day, or <br />part thereof, such breach occurs or continues. <br />24 <br />